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    Monetary Authority of Singapore | 
  
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    Monetary Authority of Singapore | 
  
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     | The Monetary 
    Authority of Singapore (Abbreviation: MAS; Chinese: 新加坡金融管理局) is Singapore's 
    central bank and financial regulatory authority. It administers the various 
    statutes pertaining to money, banking, insurance, securities and the 
    financial sector in general, as well as currency issuance. The MAS was set 
    up in 1971 to oversee various monetary functions associated with banking as 
    well as finance.  |  |  | 
  
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    | Before its 
    establishment, monetary functions were performed by government departments 
    and agencies. As Singapore progressed, the demands of an increasingly 
    complex banking and monetary environment necessitated streamlining the 
    functions to facilitate the development of a more dynamic and coherent 
    policy on monetary matters. 
    
    The MAS has been given powers to act as a banker to and financial agent of 
    the Government. It has also been entrusted to promote monetary stability, 
    and credit and exchange policies conducive to the growth of the economy. MAS 
    has the exclusive right to issue banknotes and coins in the Republic of 
    Singapore. | 
  
    | However, unlike many other central banks like the Federal Reserve System or 
    Bank of England, MAS does not regulate the monetary system via interest rate 
    to influence the liquidity in the system. Instead, it chooses to do it via 
    the foreign exchange mechanism. It does so by intervening in the SGD market. 
    The mission of the MAS is to promote sustained non-inflationary economic 
    growth, and a sound and progressive financial centre for the Republic of 
    Singapore.
 The important functions 
    to accomplish the missions are as follows:
 • to act as the central bank of Singapore, including the conduct of 
    monetary policy, the issuance of currency, the oversight of payment systems 
    and serving as banker to and financial agent of the Government;
 • to conduct integrated supervision of financial services and financial 
    stability surveillance;
 • to manage the official foreign reserves of Singapore; and
 • to develop Singapore as an international financial centre.
 
    
    In achieving the objectives above, MAS commits itself to providing effective 
    support functions through a sound banking and financial control system, 
    appropriate information system and the development of competent and 
    qualified staff.  | 
  
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            | Monetary Authority of Singapore (MAS) |  
            | HQ 
            Address: | 10 Shenton Way MAS Building
 Singapore 079117
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            | Tel: | +65 6225 5577 |  
            | Fax: | +65 6229 
            9229 |  
            | Website: | www.mas.gov.sg |  
            | Email: | webmaster@mas.gov.sg |  
            | Currency: | Singapore 
            dollar |  
            | Banking Hours: |  
            | Monday - Friday  9.00am - 
        3.00pm |  |   |  |  | 
  
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    Commercial banks in Singapore are licensed under and governed by the Banking 
    Act. Besides commercial banking, which includes deposit taking, the 
    provision of cheque services and lending, the banks may also carry on any 
    other business which is regulated or authorised by MAS, including financial 
    advisory services, insurance broking and capital market services. Commercial 
    banks operate as full banks, wholesale banks or offshore banks.
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